Intel Logo
An employee walks past an Intel logo during the 2014 Computex exhibition at the TWTC Nangang exhibition hall in Taipei June 3, 2014. Reuters/Pichi Chuang

Intel Corp. bought Canadian company PasswordBox, which developed a system for users to manage their passwords. PasswordBox, created by the Montreal-based company, was downloaded 14 million times since the application had been developed around a year back.

PasswordBox can also be used for storing and encrypting credit card information for faster checkouts during online shopping. While Intel took the company over, the financial details of the deal was not revealed by the California-based company. According to the general manager of the Intel Security Group - Chris Young, PasswordBox will help users simplify logins and relieve them from password fatigue. Young issued a news release which said that both the companies shared the same goal of improving digital identity protection across all platforms and devices. A Series A venture funding round led by the OMERS Ventures funded $6 million in PasswordBox in 2013.

According PasswordBox CEO Daniel Robichaud, the security system can provide protection across all devices and platforms. "Together, we believe we can offer our customers world-class technology, expertise and support to bring such access anywhere -- all backed by Intel," CTV News quoted him. Robichaud had an earlier venture, a radio streaming service called StreamTheWorld, which he had sold to Triton Digital Media in 2010. He is also a former radio host.

PasswordBox has 48 workers in Canada that work against password-related vulnerabilities. The company, along with its 48 employees in Montreal, will now be a part of Intel. According to consulting company Deloitte, 10,000 of the most common passwords are capable of accessing around 98 percent of all accounts. Intel said that PasswordBox would be a part of its Safe Identity Organization to work on the simplification of security. It will also focus on strengthening security by suggesting ideas which will help users operate without having to remember dozens of passwords. PasswordBox declared in its blog that it would work with Intel to come up with "exciting things" together. PasswordBox is going to be available as is for anyone who has it at the moment. In addition, Intel will offer premium subscriptions at no cost as a gift, it said.

Intel acquired McAfee Inc. in 2011 and rebranded it earlier in 2014. McAfee is one of the most dependable security platforms at the moment.

Contact the writer: s.mukhopadhyay@ibtimes.com.au